Pet Milk Replacers Market Set to Witness an Uptick during 2020 to 2027Posted by Mrudula Anil Karmarkar on April 23rd, 2021 The global pet milk replacers market size is expected to reach USD 329.6 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.5% over the forecast period. Rising consumer trend of owning domestic animals, such as dogs and cats, is the key factor for the market growth. Moreover, increasing demand for the nutritious food products is anticipated to offer new avenues for the market over the forecast period. With changing lifestyle and growing concerns over pet health, consumers have been increasingly spending on high quality food products. Animal owners have been overly concerned about their pets’ health as cats and dogs are more prone to various infections. According to various studies, 37% dogs and 90% cats are more prone to infection in their early stage on account of lack of their mother’s milk or various other reasons. Domestic animal owners are expected to further breed puppies and kittens and employ the best kind of milk replacers at early stages in order to avoid sickness as well as infections. Puppy and kitten milk replacements include a wide range of supplements that help provide the proper ratio of amino acids to these animals. Most consumers particularly employ the best brands of puppy milk replacers, including Esbilac and Nutri-Vet Milk Replacement. Over the past few years, the trend of household pets has significantly increased among consumers across the globe. The number of pets is substantially increasing across the globe, thus creating a growth opportunity for various companies. As households adopt more cats and dogs, demand for industry goods, such as milk replacement products, medicine, foods, and accessories, has been increasing. According to the American Pet Product associations, an average cat or dog owner spends about USD 200 to USD 300 on pet food, including milk replacements, for young animals annually. Pet Milk Replacers Market Report Highlights
These milk replacers play a vital role in enhancing as well as maintaining the health of various animals, especially puppies and kittens in their early stages. This nutritional food item offers a wide range of micronutrients, including minerals and vitamins, which is essential for the growth, development, and well-being of commercial pets, such as kittens and puppies. It is a convenient way to feed infant animals as this is cost-effective compared to normal milk. They consist of the same ingredients that are present in mother’s milk and are primarily fed to young animals. A few vitamins and minerals that are not present in a mothers’ milk can be incorporated into these pet milk replacers and delivered to various animals as per their requirements. These factors are expected to have a positive impact on industry growth over the next few years. Rising prices of milk are responsible for increasing demand for milk replacers among consumers in various regions. Enhanced nutritional value, coupled with their low cost, is expected to fuel consumption of these pet milk replacers. Furthermore, the pet milk replacers market growth is supported by rising adoption of a gluten-free diet among various animals. In the start of the year 2020, the world has witnessed a pandemic COVID-19, which resulted in the countrywide lockdown in almost every country across the globe. This has led to the restriction for going outside houses. These panic times are propelling the demand for these pet milk replacers, which are full of nutrition and pets can consume it on a daily basis. These global market trends are anticipated to fuel demand in the year 2020. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450557/ibb The global market is slightly consolidated owing to the presence of strong players. However, many other companies are expanding their product portfolio in order to serve the lucrative market of milk replacer. These manufacturers are adopting various marketing strategies, including new product launch, expansion of product portfolio, and merger & acquisition. Major players in the animal nutrition and supplement market such as CHS Inc. are making changes in their top management in order to explore the untapped market across the globe. For instance, in May 2017, CHS Inc. appointed Jay Debertin as the new President and CEO of the company. With this appointment, the company aimed to expand its product portfolio and service offerings and achieve operational excellence. Key manufacturers including CHS Inc.; Cargill, Incorporated; PetAg Inc.; and Liprovit BV are adopting marketing strategies, such as the expansion of distribution channel, in order to expand their customer base across the globe. For instance, in March 2020, CHS Inc. announced to acquire West Central Distribution, LLC, a full-service wholesale distributor of agronomy products. With this acquisition, the company aims to expand its product portfolio, services, and technologies cooperatives. Some of the prominent players in the pet milk replacers market include:
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